Netflix shares jump 14% on strong subscriber growth
Netflix shares jump 14% on strong subscriber growth
Netflix shares catapulted in premarket trade early Thursday beating Wall Street estimates in its third-quarter results.
Netflix shares catapulted in premarket trade early Thursday beating Wall Street estimates in its third-quarter results.
The stock was up 13.8% at 5:24 a.m. Eastern Time.
The stock was up 13.8% at 5:24 a.m. Eastern Time.
The platform reported a net subscriber growth of 8.8 million.
The platform reported a net subscriber growth of 8.8 million.
It is the biggest quarterly growth since the second quarter of 2020.
It is the biggest quarterly growth since the second quarter of 2020.
The company also said it expected an operating margin of 20% for the FY23 at the top end of the company’s prior guidance.
The company also said it expected an operating margin of 20% for the FY23 at the top end of the company’s prior guidance.
The revenue came in at $8.542 billion representing YoY growth of 7.8%.
The revenue came in at $8.542 billion representing YoY growth of 7.8%.
The streaming platform’s net income rose to $1.677 billion from $1.398 billion the prior year.
The streaming platform’s net income rose to $1.677 billion from $1.398 billion the prior year.
Shares of Netflix have gained nearly 30% in the past one year.
Shares of Netflix have gained nearly 30% in the past one year.
During the quarter, the company cracked down on password sharing, limiting the use of an account to one household.
During the quarter, the company cracked down on password sharing, limiting the use of an account to one household.
Netflix has also added a new subscription option that allows users to pay less if they view commercials.
Netflix has also added a new subscription option that allows users to pay less if they view commercials.
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